Outmarket AI Secures $4.7M Funding to Revolutionize Commercial Insurance Workflows in InsurTech

Outmarket AI Secures $4.7M Funding to Revolutionize Commercial Insurance Workflows in InsurTech

Outmarket AI, a groundbreaking intelligence platform aimed at revolutionizing the commercial insurance landscape, has successfully secured $4.7 million in seed funding. This investment, spearheaded by Fika Ventures, alongside contributions from TTV and Dash Fund, will significantly boost the company’s product development, team expansion, and partnerships with top brokers and insurance carriers.

Transforming the Commercial Insurance Sector

The founders of Outmarket AI, who possess deep expertise in InsurTech and artificial intelligence, have developed a platform that seamlessly integrates with existing workflows of brokers and carriers. This innovative approach incorporates AI-driven automation and real-time insights, which are designed to:

  • Streamline operations
  • Enhance efficiency
  • Create new revenue opportunities for insurance professionals

Addressing Industry Inefficiencies

Despite being valued at around $800 billion, the commercial insurance industry often relies on outdated practices such as email, PDFs, and manual data entry, as highlighted by Outmarket AI. These inefficiencies result in billions of dollars lost in productivity each year. Outmarket AI is determined to confront these issues by leveraging:

  • Advanced natural language processing
  • Machine learning
  • Insurance-specific knowledge graphs

This technology delivers actionable insights and automation directly into the workflows of brokers and carriers, thereby reducing inefficiencies.

CEO Insights on Market Needs

Vishal Sankhla, co-founder and CEO of Outmarket AI, stated, “Brokers and carriers recognize the necessity to harness their data for a competitive edge, yet outdated systems and manual processes hinder their progress. Outmarket provides the essential intelligence layer that instantly modernizes commercial insurance. With our AI-powered insights and automation, we empower insurance professionals to work smarter, close more deals, and rapidly increase revenue.”

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Proven Results from Early Adopters

Early users of Outmarket AI, which include some of the top 100 commercial brokers, managing general agents (MGAs), and wholesalers, have reported remarkable improvements. According to the company:

  • Clients have reduced quote comparison and policy review times by as much as 80%
  • Processes that previously took days can now be completed in minutes

Advanced AI Capabilities

The capabilities of Outmarket AI extend beyond operational efficiency. The platform also offers real-time market intelligence, providing brokers and carriers with insights into:

  • Premium trends
  • Client profitability
  • Market appetite

Thanks to its user-friendly interface, insurance professionals can pose questions in natural language and receive immediate, AI-driven recommendations without requiring advanced technical expertise.

For more information on how AI is reshaping the insurance landscape, visit InsurTech News.

Discover more about the future of commercial insurance and the role of technology by exploring our InsurTech Innovations page.

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